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Retail Banking CRM: Playing the Digital Card

The retail banking industry is increasingly feeling the pinch of stringent financial reforms, economic crisis and more devastatingly, digital fin-tech innovation. In response, retail banks and other financial institutions have been rolling out a wide array of initiatives on new digital technologies. All in the hopes of enhancing fundamental interaction with their customers. Interactions that result in delightful engagement.Digital initiatives are in the form of mobile apps, eKYC, smart online sales of financial products etc. They want to empower customers to undertake different banking activities even when on the move.

Why go digital?Digitization in the banking sector has given rise to a new set of requirements for banks to keep up with the ever-changing world of technology. These requirements can be summarized under: 1. SimplicityDigital banking requires smart and easy-to-use applications with well designed interfaces and service pages. Too much clutter and functionalities (designed with good intention) can be a turn off for someone who is new to digital retail banking. The solution is an agile CRM in banking that is an integrated platform that helps you cater to all banking needs.2. Speed of innovation Digitization requires banks to keep up-to-date with modern technologies and new concepts on service delivery. Even a slight slip up in pace can see them lagging behind their peers. But doing so is far harder than simply gushing about it. This is where CRM in banking comes to your rescue. Learn how the largest private lender in Asia, outsmarted their competitors by bringing new digital products in the market.

3. Listen to analyticsDigital initiatives will be dead without analytics. CRM platforms with inbuilt analytical tools, helps crunch big data to let banks know customers better than themselves. It also helps them stay in touch of trends and what the competitors (digital disruptors like Applepay, Paytm, Paypal) etc. are up to. 4. Information from delightful interactionsThe number one need for digitization in the retail banking sector is ensuring constant engagement and interactions between the banks and its customers. Engagement that is in the form of offering tailor made products and services. This is made possible through the use of social media and other viable channels.Digitization in retail banking sector focuses on being interactive by helping customers to analyze financial habits. With engagement at all touch-points, including social. By deploying intuitive interfaces that offer convenience, banks, with the help of banking CRM, entice customers to share their experience. This data sharing has led to more customer-centered and inclusive services that have made retail banking easier and safer than ever before.

Retail banking digitization , brought in by CRM solutions, has led to faster service delivery, improved customer experience, as well as more efficient services. It has also enhanced flexibility of service delivery. This in turn has led to cost-effective operations for banks and convenient & affordable banking for customers.